Retirement instruction for company pension, buy out bond ... · • For a company pension, the trustees need to complete this form, and both the trustees and member need to sign

Retirement instruction for company pension, buy out bond and PRSA AVC 01/15

Retirement instruction for company pension, buy out bond and PRSA AVCApplication

OPSBRET V22 0519

Complete this form if the member is taking their retirement benefits now. This will confirm how their pension is paid. Before completing this form, you should talk to your financial adviser about the member’s options.• For a company pension, the trustees need to complete this form, and both the trustees and

member need to sign.• For a buy out bond, the trustees of your old pension scheme don’t have to sign this form.• For a Synergy PRSA AVC, the trustees of your main pension scheme don’t have to sign this form,

but you’ll have to get them to write to us to confirm that you’re retiring from the occupational pension scheme to which your AVCs relate, and confirm the benefits you’re entitled to and any pension benefits you’ve taken.

If you’re taking your retirement benefits from a personal pension or PRSA (with no AVCs relating to an occupational pension scheme), please complete a ‘Retirement instruction for personal pension and PRSA’ form (PPRET).To help you complete this form, we’ve included a glossary at the back (highlighted in form with+) and a checklist.

Filling in this form

The good news is that you don’t have to complete all of this form – you only have to complete the parts relevant to the choices made. Here’s an overview:

What parts of this form do I need to complete?

Compulsory

+ See glossary.

Part 2 (a)

I want a cash lump sum

Part 2 (d)

I want an additional lump sum (taxed cash+,

treated as income)

Part 5

I want a Standard Life ARF and/or AMRF

Part 6

I want a Standard Life

annuity

Part 1

Member details

Part 2 Part 7

Trustee and member

declarations

Part 8

Financial adviser

declaration

Member options

Optional

Part 3

Member employment and scheme

details

Part 4

Member’s other

pension details

02/15 Retirement instruction for company pension, buy out bond and PRSA AVC

Part 1 - Member details (Compulsory)

You must take all benefits from the same employment at the same time.

We may use your email to help manage your policy. If you don’t want us to use it, leave it blank

N N N N N N N L (L)Personal Public Service number

First names (in full)Surname

Email address

Date of birth (DD/MM/YYYY)

Home phone number

Mobile phone number

@

Title

Policy numbers you want to take your benefits from

Address

‘Emergency’ taxes must be deducted where we don’t get your Revenue Payroll Notification in time. This might happen if you’re not yet registered with Revenue for PAYE.

Make sure your tax credits are correctWhen we process our first payment to you, we’re required to update Revenue online as your new or additional ‘employer’ so that tax can be deducted. If you have other income and want your tax credits allocated in a certain way, you must contact Revenue to tell them how, especially if you’re not yet registered for PAYE (for example, you’ve been self-employed up to now).

Please provide your bank details below. All payments payable to you will be lodged to this account.

Your IBAN is shown on your bank statement. (The last 14 characters of your Irish bank account’s IBAN are your old 6 digit branch sort code (1st digit = 9) and old 8 digit account number).

Payments must be lodged to your own or jointly owned personal bank account. Payments cannot be made by cheque.

If you invest in both a Standard Life ARF and Standard Life annuity, separate payments will be made to your bank account.

Your bank details for payments we make

Your International Bank Account Number (IBAN)Name on your bank account

Call Revenue on (01) 738 3636 - have your PPS number to hand, or register and/or sign in to www.revenue.ie/myaccount (Standard Life’s ‘employer’ numbers are: 3586780HH for vested PRSAs and ARFs, 3587289KH for annuities, and 3587445VH for taxed cash payments.)

Please tick to confirm you have updated www.revenue.ie/myaccount or contacted Revenue


If the total of all your pensions is more than the Standard Fund Threshold (currently €2m) or your Personal Fund Threshold, we may have to deduct tax (currently 40%) on the excess.

Part 2 – Member options (Compulsory)

You can choose to invest your pension fund with any provider when you retire. Talk to your financial adviser.

If choosing an ARF, AMRF or annuity with another provider, please give their address, product name and reference number

Provider’s name and address

Product (please include a reference number if you have been given one)

with Standard Life or with another annuity provider

with Standard Life or with another Qualifying Fund Manager

(c) Invest in a approved retirement fund and/or approved minimum retirement fund:

(d) Take an additional lump sum (taxed cash+, treated as income)

(b) Purchase an annuity:

€

(a) Take a cash lump sum:Tick/complete one or more, as appropriate: (some options may be restricted and/or not available)

Maximum (based on salary and service)

25% of fund

None

+ See glossary.

Yes No

Yes No

If you have answered No to questions (i) and (ii), you need to• Invest in an AMRF (or, if you already have an AMRF, topping it up) to bring your total AMRF

premium to €63,500, or• Purchase an annuity that, when added to your existing guaranteed pension income (if any), brings

your total guaranteed pension income to €12,700 per annum, or• Invest in a combination of an AMRF and an annuity to bring your total premium in an annuity and

an AMRF to €63,500

If yes to (i) or (ii), please give details and proof acceptable to Revenue (for example, copy of payment slip, letter from provider)

We need to make sure you meet the conditions for taking a taxed cash lump sum.

You can only have one AMRF.

You have a total cash lump sum limit from all your pensions:– the first €200,000 is tax free– the next €300,000 is taxed

at 20%– any amount over €500,000 is

treated as income and taxed under PAYE system.

Lump sums you’ve already taken from other pensions must be taken into account.

Options (c) and (d) not available if cash lump sum based on salary and service, except for AVC fund.

(i) Have you invested €63,500 in an AMRF, Vested PRSA+ and/or annuity? (ii) If no to question 1, have you a guaranteed pension income for life+

of €12,700 per annum?


Part 3 - Member employment and scheme details (Compulsory)

Company pension scheme name

* If yes, enclose a copy of the notice or order. We’ll then let you know what further information we’ll need.

Is your pension (or has it ever been) subject to any family law proceedings (for example, Pension Adjustment Order)? Yes* No

Yes NoThis company means the employment relating to this pension policy.

letter from company accountant

End of year statements (P21s or P60s)

letter from Revenue or Dept of Social Protection

Your salary+ from this company

1.

2.

3.

4.

5.

Salary year end date (DD/MM/YYYY)

Salary amountFor years 2002 and earlier, please specify currency when giving amounts (€ or IR£).

Verification (see below)

Date you joined this company? (DD/MM/YYYY) If no, give date you

left (DD/MM/YYYY)

Are you still with this company?

Yes No

+ See glossary.

^ If you are (or were) a 20% director, we require proof of your salary. Please provide suitable evidence, examples of evidence can be as follows

^ If yes, and you’re taking your retirement benefits early (before your Normal Retirement Date), have you severed all links and sold your shares in the company?

Are (or were) you a 20% director+ of this company? Yes^ No

Did you give up your right to take a tax-free pension lump sum as part of a redundancy package+ from this company? Yes No

I confirm the salary details provided are complete and correct.

Signature

Verifier’s signature

Date (DD/MM/YYYY)

Verification

as company accountant as company receiver or liquidator

Accountant/receiver/liquidator’s stamp

If (a) any of your service with the company was part time(b) there was any break in your service with the company, and/or(c) the company changed ownership while you were employed with them, give details**

Part time or breaks in service may affect the calculation of your benefits.

** Details required are

(a) start date, end date, hours worked, full time equivalent, salary, full time equivalent salary

(b) start date, end date, nature of break

(c) type and details of change

The member must sign any additional or supporting documents.


Part 4 – Member’s other pension arrangements (Compulsory)

By law, you must also give us information about all of your pension benefits.

If you have a Personal Fund Threshold, please provide a copy of the Revenue letter confirming it.

This information is required for several reasons. The main ones are

• to calculate your benefits accurately and

• deduct the correct amount of tax.

As with all pensions and tax, your answers may be audited by Revenue.

If you’ve more pensions than there’s room for here, please copy Part 3 and send in with this form. We’ll also accept this information in a supporting document. The member must sign any additional or supporting documents.

1. Are you going to transfer, or have you transferred, any of your pensions overseas? Yes No

If yes, give more information including name and contact details of the overseas pension arrangement

2. Do you have any other pension arrangements (including other pensions with Standard Life)? If yes, give details Yes No

3. If any of your pensions are Defined Benefit, give these additional details

Value of annuity pa

Scheme name

Value of annuity accrued to 01/01/2014Value of AVCs invested in ARF, AMRF, annuity and taxed lump sum

€ €

€ €

€ €

Type of policy*please also complete Defined Benefit section in 3 below

Sponsoring employer (if applicable)

Pension 1

€ €

Personal pension (RAC) or PRSA

DC company scheme, AVC scheme, PRSA AVC, buy out bond or SSASDB company

scheme*

Personal pension (RAC) or PRSA

DC company scheme, AVC scheme, PRSA AVC, buy out bond or SSASDB company

scheme*

Does this other pension relate to a previous, same, concurrent or later employment?** If it relates to a previous employment,

give the cash lump sum entitlement

Previous**

Concurrent+

Previous**

Concurrent+

Same Same

Later Later

Pension 2

Policy number

Current value

Expected retirement date

€ €

Pension provider

If not yet claimed:

Claim date

Total value on claim date

Cash lump sum taken

€ €

€ €

If already claimed:

Where was balance applied after Cash lump sum taken(tick all that apply)

Annuity Taxed lump sumARF, AMRF and/or Vested PRSA

Annuity Taxed lump sumARF, AMRF and/or Vested PRSA

+ See glossary.


Part 5 – I want a Standard Life ARF and/or AMRF

€

To fully understand what investment options are available to you, read our Investment Options guide and our Self-Directed Options guide and talk to your financial adviser.Indicate how your total ARF and AMRF investments are to be allocated

and/or

Your ARF and AMRF investment choice

If you have answered No to questions 1 and 2, you need to(a) Invest in an AMRF which when added to your existing AMRF (if applicable) brings the total AMRF

premium to €63,500 (b) Purchase an annuity that, when added to your existing guaranteed pension income (if

applicable), brings your total guaranteed pension income to €12,700 per annum or(c) Invest in a combination of an AMRF and an annuity to bring your total premium in an annuity and

an AMRF to €63,500

(minimum €10,000)

ARF and AMRF investment details

You can only have one AMRF.

Funds €Self-Directed Options+

€ARF

(minimum €10,000, maximum €63,500)€AMRF

We need to make sure you meet the conditions for investing in an ARF before you continue completing this form1. Have you invested €63,500 in an AMRF, Vested PRSA+ and/or annuity?2. If no to question 1, have you a guaranteed pension income for life+ of

€12,700 per annum?If yes to 1 or 2, please give details and proof acceptable to Revenue (for example, copy of payment slip, letter from provider)

Yes No

Yes No

+ See glossary.


Part 5 – I want a Standard Life ARF and/or AMRF (continued)

Self-Directed OptionsExecution only stockbroking

* Stocktrade will use your email address given in Part 1 to set up your online account. An additional charge applies for each deal arranged by post, email or fax.

Tick this box if you are selecting execution only stockbroking. We will pass your details to Stocktrade who will contact you directly.

Tick this box if you’re an Irish national. If you’re not, or you have dual nationality/citizenship, please give details

You are only allowed to trade in investments that are permitted by Standard Life. If it comes to our attention that you have bought non-permitted investments, we will instruct Stocktrade to sell those investments. In these circumstances, your policy will be charged the cost of selling those investments. If you are uncertain as to whether a particular investment is permitted, contact your financial adviser or Standard Life.

Under €20,000 €20,000 to €34,999 €35,000 to €49,999 €75,000+€50,000 to €74,999

Your annual income before tax

Your occupation

Tick this box if you want to set up a Stocktrade online account now to deal or view (Stocktrade account charges will apply)*

Nationality

National client identifier**

** This could be passport number or other personal identity code, depending on country. For example, in UK, it’s your National Insurance number. For other countries see Execution-only stockbroking form (SYEOS1).

If you wish to invest in funds, indicate the relevant percentage in the table below. For example, if you indicated above that you wish to invest €10,000 in funds, and you want all of this amount to be invested in the Standard Life Managed Fund, you would insert 100% beside Managed.

If your investment choice is different for your ARF and AMRF, please make a copy of this page and send in with this form.

FundsChoose from the following Standard Life funds

%

%

%

%

%

%

%

%

%

%

%

%

%

%

%

%

%

%

%

%

%

% %

%

%

%

%

%

%

%

%

%

North American Equity

Property

Total Return Credit

UK Equity

MyFolio Market V

MyFolio Market IV

Global REIT

MyFolio Active IMyFolio Active II

Global Inflation Linked BondGlobal Real Estate

Global Smaller Companies

India Equity

Japanese Equity

Managed

Absolute Return Global Bond Strategies (ARGBS)

Asia Pacific Equity

Cautious Managed

China Equity

Corporate Bond

Diversified Income

Enhanced-Diversification Growth

Euro Global Liquidity

European Equity

European Ethical Equity

European Smaller Companies

Fixed Interest

%

%

%

%

%

UK Smaller Companies

MyFolio Active III

MyFolio Active V

MyFolio Market II

MyFolio Active IV

MyFolio Market I

MyFolio Market III

Global Absolute Return Strategies (GARS)

Global Equity

Global Equity Impact

%

%

%

%

Vanguard Euro Government Bond Index

%

%

Vanguard Eurozone Stock Index

Vanguard Emerging Market Stock Index

Vanguard Global Corporate Bond IndexVanguard Global Stock IndexVanguard US 500 Stock Index


Part 5 – I want a Standard Life ARF and/or AMRF (continued)

Your ARF income amount

ARF regular income withdrawals are processed as at 6th of the month or next following working day. Please allow at least 5 bank working days for payments to reach your account.

Payments must be lodged to your own or jointly owned personal bank account. Payments cannot be made by cheque.

The minimum ARF income p.a. is €900 (before tax).

^ maximum 10% of policy value

^^maximum 10% of premium

** Withdrawal based on your imputed distribution for the tax year.

Is the total value of all your ARFs and Vested PRSAs+ more than €2m? Yes No

Name of Nominee QFM

Address

Reference number to be used on correspondence

Nominee Qualifying Fund Manager+

If yes, you must nominate a QFM. Please choose the QFM with your largest ARF investment to manage your distribution tax, and provide their details:

If you choose (a) or (b), tell us how frequently:

and when you want your first payment

Make sure your tax credits are correct by updating Revenue - see page 2.

Every month Every 3 months

ARF first payment date (DD/MM/YYYY)

(earliest: 1 month after Start Date)

Every 6 months Once a year

0 6

before tax^

before tax^^

% pa(a)

(b)

or

€ pa or

a single withdrawal in late December each year **

Please complete how much and when you want to be paid. Choose only one of (a), (b) or (c):

(c)

If no, we will only pay the distribution tax for this policy from this policy.

Direct propertyTick this box if you are purchasing a property. Please provide details of the property you wish to purchase by completing the Property Information Questionnaire (SYPIQ).

There are minimum investment amounts applied by the Deposit providers. Please see www.standardlife.ie for the minimums that apply.

Deposits

Deposit amount € Deposit account termDeposit provider

Each year, you must withdraw a percentage of the value of your policy (before tax):• 4%, if you are 60 years of age or over for the full tax year, or• 5%, if you are 70 years of age or over for the full tax year, or• 6%, if you have combined ARF and vested PRSA+ assets of €2 million or more, and are aged 60 or

over for the full tax year.If you do not make withdrawals of at least this amount during each year, in late December, we will make a withdrawal and lodge it to your bank account.

+ See glossary.


Part 6 – I want a Standard Life annuity

Purchase price

Guaranteed period+

Increase in the annuityYour annuity can increase at a fixed rate each year

Gross annuity at outset (refer to quote)

Payment to be In arrears In advance

0% 3%

None 5 years

(minimum €2,500)

(maximum 5%)

(maximum 10 years)

Amount

Your spouse/civil partner’s annuity will start on your death or at the end of the guaranteed period, whichever is later.

1/2 of Principal annuity 2/3 of Principal annuity

If increase chosen is more than 3%, increases may be restricted to CPI, if Revenue maximum benefits would be breached.

Your annuity payments will be credited to your bank account on the 1st of the month in which your payment is due. The minimum annuity payment each frequency is €65 (before tax).

Frequency Every month Every 3 months Every 6 months

I want a spouse/civil partner’s annuity

+ See glossary.

€

%

%

years

€

N N N N N N N L (L)Personal Public Service number

Date of birth (DD/MM/YYYY)

First names (in full)Surname

Title

Authorising Standard Life to accept instructions from your financial adviser on your behalfTalk to your financial adviser before completing this section.

Signature

Note that we will only accept instructions from authorised persons once we are satisfied that we have verified the identity of the authorised person, and it is the responsibility of the authorised person and/or yourself to verify that your instructions have been carried out properly.I authorise Standard Life to accept instructions from my financial adviser named in Part 9, to buy or sell Funds and Deposits under this policy.This authorisation will apply until Standard Life receives a written instruction from me changing or withdrawing my authorisation.

ARF/AMRF Policyowner signatureDate (DD/MM/YYYY)

Make sure your tax credits are correct by updating Revenue - see page 2

Once a year


Part 7 – Your authorisation and declaration (Compulsory)

Please read carefully before signing.WARNING: If you propose to take out this policy in complete or partial replacement of an existing policy, please take special care to satisfy yourself that this policy meets your needs. In particular, please make sure that you are aware of the financial consequences of replacing your existing policy. If you are in doubt about this, please contact your insurer or insurance intermediary.Member declaration1. I instruct you to retire my Standard Life policy numbers quoted and to distribute the proceeds as

detailed in this retirement instruction.2. I have read the Data Protection Notice in the Key Features document and I agree that my

personal information may be used for the purposes described.3. I consent to Standard Life seeking relevant information relating to my past, present, future

employers and pension arrangements from any employers, trustees, administrators, pensionproviders or qualifying fund managers and I authorise the giving of such information.

4. I authorise you to give information about my Standard Life pension policies listed in Parts 1and 4, to my financial adviser named in Part 8.

5. I declare that the information provided in this and other related forms (if any) is accurateand complete.

6. I agree that a copy of this application can be treated as the original for all purposes.7. I am beneficially entitled to the assets of the pension fund used to apply for my chosen

retirement options and this investment consists only of assets from a Revenue approvedpension arrangement.

8. I have received in writing and read the information specified in my financial adviser’sdeclaration (Part 8).

9. If I have applied for an AMRF or ARF, I agree that the contract will be governed by the PolicySchedule, Statement of reasonable projection and Policy Provisions (SYARF60), together withthis Application Form and any associated statements or questionnaires submitted in connectionwith this application.

10. If I have applied for an annuity, I agree that the contract will be governed by the Policy Schedule,Quotation and Policy Provisions (RIOTA60), together with this Application Form and anyassociated statements or questionnaires submitted in connection with this application.

11. I agree that the contract will be governed by Irish law.

Signature

Member’s signature

Date (DD/MM/YYYY)

If you are receiving advice from a financial adviser, remember that the adviser is acting on your behalf, not only by giving you advice, but also regarding how this form is filled in and sending us this completed instruction/application. By filling in this form you may be applying to enter into a new contract with Standard Life. If you are, this application will be the basis of this contract if it is accepted by us. A copy of this completed form is available on request.

We would like to contact you from time to time to keep you up to date with products and services, company news and other promotions. If you want us to keep you up to date, please choose how you’d prefer us to contact you:

PhoneEmail Post Text

To read our Privacy Policy, visit www.standardlife.ie/privacy

You can update your consent and preference at any time, just let us know.

tick all that apply


Part 7 – Your authorisation and declaration (continued) (Compulsory)

If you are receiving advice from a financial adviser, remember that the adviser is acting on your behalf, not only by giving you advice, but also regarding how this form is filled in and sending us this completed instruction/application. By filling in this form you may be applying to enter into a new contract with Standard Life. If you are, this application will be the basis of this contract if it is accepted by us. A copy of this completed form is available on request.

Trustees’ signatures

Date (DD/MM/YYYY)

Scheme address

Signature

Trustees’ names

Trustees declaration1. We have read the Data Protection Notice in the Key Features document and we agree that our

personal information may be used for the purposes described.2. We authorise you to give information about us and this member’s Standard Life pension policies

listed in Parts 1 and 4, to the financial adviser named in Part 8.3. We agree that a copy of this application can be treated as the original for all purposes.4. We declare that the information provided in this and other related forms (if any) is accurate

and complete.5. We have received in writing and read the information specified in our financial adviser’s

declaration (Part 8).6. We instruct you to retire the member’s Standard Life policy numbers quoted and to distribute

the proceeds as detailed in this retirement instruction.7. We confirm that the ARF option is available under the terms of the scheme.8. If, in respect of this Scheme, this is the last remaining member to retire • we confirm that there are no more contributions to be paid into the Scheme, and • we resolve that after this member’s retirement has been processed, the Scheme is to be

wound up, and • we will notify the Principal Employer and Pensions Authority accordingly, and • we will comply with all of our regulatory and statutory obligations with regard to the

scheme wind-up.


Part 8 – Your financial adviser’s declaration

to the standards set out in the anti-money laundering and counter financing of terrorism regulations, which I will forward to Standard Life on request^.

Stocktrade will use your email address to set up or add this client’s policy to your agency’s online account.

Financial adviser’s Company name

^ Enclose verification if Self-Directed Option of execution-only stockbroking chosen.

Email me at

@

Name

Financial adviser’s Standard Life agency code 9 /

To be completed by your financial adviser1. I confirm that in accordance with Regulation 6(1) of the Life Assurance (Provision of Information)

Regulations, 2001, my client has been given in writing the information specified in Schedule 1 of those Regulations, and that

2. I have advised my client as to the financial consequences of replacing an existing policy with this policy by cancellation or reduction, and of possible financial losses as a result of such replacement.

3. I have explored the available investment options with my client and taking into account their circumstances, long term needs, age and attitude to risk, I am satisfied that this policy is suitable for them.

4. I confirm that I will retain the appropriate evidence regarding any instructions I give to Standard Life or any third party providers on behalf of my client.

5. I want to be able to view my client’s Stocktrade account online.

6. I have completed all checks to verify the identity and address of:

For more information on pricing options, refer to Products from Standard Life for financial advisers (SYAPS).

Signature

Financial adviser signature

Financial adviser’s nameDate (DD/MM/YYYY)

Issue policy to Financial adviser Client

(Max 4.00%)%

(Max 1.00%)

(iii) ARF/AMRF FBRC (% of fund)

(ii) ARF/AMRF Initial (% of premium)

% payable

ARF/AMRF Please complete all three choices (i), (ii) and (iii):

(i) ARF/AMRF Pricing optionA B C D E F G H

Nil

Nil

or

or Monthly Quarterly Half-yearly Yearly

Special instructions

Annuity initial (% of premium)

Commission details

(Max 2.00%)%Nil or Nil Renewal


Brief description of terms

Annuity – Buying an annuity with part of your pension fund will give you a guaranteed income for the rest of your life. It can also provide an income for your spouse/civil partner.ARF – An approved retirement fund allows you to leave your pension fund invested and adjust your income to suit your needs. You must withdraw a certain percentage of your ARF each year - withdrawals are treated as income and taxed under the PAYE system. An AMRF is an ARF with restrictions.Certified copy – To get certified copies of your documents, photocopy the originals, bring the originals and copies to a post office, bank, Garda station or qualified accountant/financial adviser. They’ll check, stamp and sign each copy to certify it’s a true copy of the original. Enclose those certified copies with this form.Concurrent employment – This is where you worked two jobs at the same time, each with a pension. For example, you may have been working as an employee for one employer, while at the same time being a paid director of another company.Defined Benefit (DB) – A defined benefit pension (also known as a ‘final salary’ scheme) is a pension scheme where the benefits are set out in the rules of the scheme. The benefit is often based on the employee’s earnings and pensionable service.Defined Contribution (DC) – A defined contribution pension (also known as ‘money purchase’) is a pension which depends on how much you (and/or your employer) invests, the charges deducted, how well the investments have done and the way you take your benefits. The value of your pension pot can fall as well as rise.20% Director – Someone who directly or indirectly, at any time in the last three years before leaving or retiring, owned or controlled more than 20% of the voting rights in the employer company, or in the parent company of the employer company. Shares held between you, your spouse or any minor children count towards this 20% figure.20% Directors retiring early – If you’re retiring before your selected Normal Retirement Date, it’s a Revenue requirement that you dispose of all of your shares and cut all ties with the company before you claim your benefits. This applies even if you are retiring after age 60 and where your Normal Retirement Date is at a later date.Final salary – To determine your final salary when calculating your benefits and completing funding checks, we must use the following options:For employees and Directors with less than 20% shareholding• your highest basic salary in any of the last 5 years up to the date you left service plus the

average of your 3 years fluctuating benefits, or• the average of 3 or more consecutive salaries from the last 10 years of your service (salary

period must end within 10 years of you leaving service)• the rate of pay from any payslip in your final year and annualise this figure.Your salary figures may be increased in line with inflation to calculate your final salary. For 20% Directors• the average of 3 or more consecutive salaries from the last 10 years of your service (salary

period must end within 10 years of you leaving service)Due to restrictions applying to 20% Directors, we may not be able to index salaries with inflation to calculate your final salary.Guaranteed pension income for life requirement – The Revenue accepts your State pension and pension annuities as guaranteed income for life. Income in respect of your spouse/civil partner or dependent is not taken into account. Neither is your salary, State assistance, allowances or benefits, rental income, or maintenance order payments. The Revenue need us to hold proof on file.Until you provide satisfactory proof, your money will not be invested.Guaranteed period – The annuity is payable for your lifetime or the guaranteed period chosen, whichever is longer. The guaranteed period applies to your annuity only, not to any spouse/civil partner’s annuity. If you want your spouse/civil partner to get an income after your death, the maximum guaranteed period you can choose is 10 years. If you choose a guaranteed period of 5 years or less, your annuity will be with overlap. If more than 5 years, it will be without overlap.With overlap: your spouse/civil partner’s annuity starts on your death.Without overlap: your spouse/civil partner’s annuity starts on your death or the end of the

guaranteed period, whichever is later.

+ Glossary


Brief description of terms (continued)

Imputed distribution – Revenue require us to regularly deduct tax from your retirement fund. To do this, they make an assumption that you withdraw a minimum amount each year. So, if you don’t withdraw enough during the year (from which PAYE taxes are deducted), in December, we’ll work out the difference between the Revenue’s assumption and your earlier withdrawals, and, having deducted tax, pay this imputed distribution withdrawal to your bank account. Nominee Qualifying Fund Manager – The manager you appoint to administer the tax deductions from all your ARFs and Vested PRSAs. You must nominate a QFM where the value of all your ARFs and Vested PRSAs is more than €2m.Redundancy package – If you got a redundancy payment greater than the statutory minimum, the amount above certain limits may be subject to tax deductions. The calculation of the amount that can be paid tax-free under the ‘Increased Exemption’ and ‘Standard Capital Superannuation Benefit’ may have been reduced by your expected tax free lump sum from your pension from that employment. To increase the tax-free exemption at the time of redundancy, you may have irrevocably waived your right to a tax free lump sum from your pension. If you did this, we cannot pay any of your pension policy as a tax-free lump sum.If you didn’t get a redundancy payment in respect of this employment, you should answer ‘No’ to the redundancy question in Part 3.Salary – To qualify for a year’s service in the company, you must have earned a salary that was assessable to tax under PAYE (Schedule E). To determine your benefits at retirement and to satisfy Revenue limit checks, we may require proof of your salary (compulsory for 20% directors) from you in one of the following formats:(a) End of year statement P21 (or, for 2018 and earlier: P60) (b) P35(c) Letter from the company accountant (or receiver/liquidator) confirming your name, salary year

end date, the salary amounts and the employer’s details(d) Payslip from your final year (we’ll annualise your basic pay earned). The payslip must show

your name, your employer’s name and must be from your last 12 months of employment with the company. If you’re a 20% director, a payslip can’t be used as proof of your salary.

(e) Letter from Revenue (or Dept of Social Protection) confirming your name, your employer, your salary year end date and salary amounts

Documents must clearly show your name, your employer’s name and currency of your salary. We’re also required to check the salary quoted was taxed under PAYE (Schedule E). You should make allowance (2 or 3 weeks) for any requests to your local Revenue or Dept of Social Protection office. If none of (a) to (e) are available, and the Revenue and Dept of Social Protection are unable to confirm salary amounts to you, ask them to confirm this in writing. Only then are we allowed to consider alternatives.Self-Directed Options – You can invest in a deposit account, execution-only stockbroking or Direct property.If you choose to invest in a Self-Directed Option, your investment will initially be placed in the policy’s cash account. You must have enough money in this account to allow us to carry out your instructions and to pay the charges related to the Self-Directed Options that you have selected.Taxed cash – After taking your cash lump sum, you can take the balance of your pension fund as a taxable cash lump sum if you meet the guaranteed pension income for life requirement or if you have a minimum of €63,500 invested in an AMRF and/or annuity. Taxable cash lump sums are treated as income and taxed under the PAYE system.Vested PRSA – A PRSA where you have taken a cash lump sum and/or income.

+ Glossary

Avoiding delays – Your checklist

Proof of your identity (for example, certified copy+ of passport or driving licence) must be sent in with this application, unless we already have it on file.

Your PPSN

All the information we ask for is essential to set up and administer your pension. Any missing information will cause a delay. Some information is critical and until we get it, will mean that your money is not invested, or is invested - but not as set out in this instruction.These are the most commonly missed:

Part 1 – Member details

20% directors+ Proof of your salary+Part 3 – Member employment and scheme details

Proof of address, for example:• Recent bill (electricity, phone or gas)• Recent statement (bank or credit union)• Recent document from Revenue or Dept of Social Protection

Part 5 - I want a Standard Life ARF and/or AMRF

Proof of your spouse/civil partner’s identity (for example, certified copy of passport or driving licence) must be sent in with this application, unless we already have it on file.

Part 6 – I want a Standard Life annuity

Enclose a certified copy+ of a recent bank statement to confirm this if you paid your contributions from a different account.

If Self-Directed Option of execution-only stockbroking is chosen, you need to attach certified copies+ of one of each of the following:

Proof of identity, for example:• Current passport• Current EU driving licenceand

Checklist

+ See glossary.

Current means not expired and recent means issued in the last 6 months. If you don’t have a suitable document, talk to us or your financial adviser about alternatives.

Give details of all your pension benefits

Part 4 – Member’s other pension arrangements

Commission details completed

Your financial adviser’s declaration signed.

Part 8 – Your financial adviser’s declaration

If yes, please give details and evidence acceptable to Revenue (for example, copy of payment slip, letter from provider).

If investing in an ARF and/or AMRF (c), or taking an additional lump sum (d), have you a guaranteed pension income for life of €12,700 per annum?

ARF income, annuity payments, tax free and/or taxed lump sum will be lodged to the account you have given us on this form.Please allow at least 5 bank working days for payments to reach your account.Payments must be lodged to your own or jointly owned personal bank account.

Part 2 - Member options

15/15

(01) 639 7000 www.standardlife.ie [email protected] Life International dac is regulated by the Central Bank of Ireland. Standard Life International dac is a designated activity company limited by shares and registered in Dublin, Ireland (408507) at 90 St Stephen’s Green, Dublin 2. Standard Life International dac is part of the Phoenix Group and uses the Standard Life brand under licence from the Standard Life Aberdeen Group.

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